**Monthly Incomes Study of Bachelor's Degree Holders in Economics**The following data represents the monthly incomes of 12 randomly selected individuals, each possessing a bachelor's degree in economics:- 4450.86- 4596.99- 4366.62- 4455.22- 4151.53- 3727.83- 4283.26- 4527.11- 4407.07- 3946.87- 4023.25- 4221.28Assume the population is normally distributed.**Tasks:****(b) Find the Sample Standard Deviation**Compute the standard deviation of the sample to one decimal place.**(c) Construct a 99% Confidence Interval for the Population Mean (μ)**Determine a 99% confidence interval for the population mean. Round to one decimal place as needed.This exercise will help you understand how to apply statistical methods to interpret income data and assess the mean income through the use of confidence intervals. **Statistical Analysis of Monthly Incomes**The monthly incomes for 12 randomly selected individuals, each with a bachelor's degree in economics, are provided below. Assume the population is normally distributed.**Income Data (in dollars):**- 4450.86- 4596.99- 4366.62- 4455.22- 4151.53- 3727.83- 4283.26- 4527.11- 4407.07- 3946.87- 4023.25- 4221.28**Statistical Tasks:****(a) Calculate the Sample Mean:**- The sample mean ($\bar{x}$) is an average of all the provided income values.- Round your result to one decimal place as needed.**(b) Calculate the Sample Standard Deviation:**- The standard deviation (s) measures the amount of variation or dispersion in the sample incomes.- Round your result to one decimal place as needed.**(c) Construct a 99% Confidence Interval for the Population Mean ($\mu$):**- Use the sample mean and standard deviation to construct the confidence interval.- The confidence interval provides an estimated range of values which is likely to include the population mean, with a confidence level of 99%.**Instructions:**For each step, ensure that you use appropriate formulas and round your answers as specified. This information will enhance understanding of how to handle data and perform statistical analysis accurately.**Note:** No graphs or diagrams are present in the image.

According to the given information in this question We need to find mean , standard deviation and 99…

Answered: -k The monthly incomes for 12 randomly…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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